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FxWirePro: EUR/AUD consolidating around 1.6665, room for further gains

• EUR/AUD gained  towards 1.6665 on Monday    as euro attracted buyers ahead of European Central Bank's monetary policy meeting later in the week.

• The ECB meets on Thursday and is expected to keep rates at a record high 4%, but the central bank is also likely to lower its outlook for inflation in a nod to eventual cuts.

• At GMT 15:56, the pair was trading up 0.36 percent  at 1.6667 ,highest since 29th February.

• From a technical viewpoint, RSI  is strongly bullish at 60, daily momentum studies, 5, 10 and 21 daily  MA’s  are trending up.

• Immediate resistance is located at 1.6674 (23.6%fib), any close above will push the pair towards 1.6710 (Higher BB).

• Immediate support is seen at 1.6599 (Daily low) and break below could take the pair towards 1.6568 (38.2%fib).

Recommendation: Good to buy on dips around 1.6650, with stop loss of 1.6560 and target price of 1.6740.

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